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Valued Contributor
jamesdwi
Posts: 1,390
Registered: ‎09-16-2011

Re: Toy Limits


 


So having too few is worse than having too many?

 

I was thinking that if i applied they would see the low limts cards and think this guy already has 9 open TLs, why does he need more?

 

If i close three of the original ones that would leave me with 6 open TLs, is that about right?


absolutely, there are only a few rare occausions when people are denied with too many cards with low UTL.

 

I currently have 18 open TL's on my credit report and a  675 FICO and 14% UTL,  I have no doubt that I would be approved for any low end card that I applied for instantly. My last four apps were all approved instantly. You will get denied for many prime cards with a 740 Fico if you have only one card reportng unless its very old. 


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Last APP 12/21//2013 no plans for new credit I think I have enough.
Moderator
Revelate
Posts: 6,798
Registered: ‎12-30-2011

Re: Toy Limits

[ Edited ]

jamesdwi wrote:

 


So having too few is worse than having too many?

 

I was thinking that if i applied they would see the low limts cards and think this guy already has 9 open TLs, why does he need more?

 

If i close three of the original ones that would leave me with 6 open TLs, is that about right?


absolutely, there are only a few rare occausions when people are denied with too many cards with low UTL.

 

I currently have 18 open TL's on my credit report and a  675 FICO and 14% UTL,  I have no doubt that I would be approved for any low end card that I applied for instantly. My last four apps were all approved instantly. You will get denied for many prime cards with a 740 Fico if you have only one card reportng unless its very old. 


There's a world of difference between 3 credit cards reporting vs. 1... let alone the six he's talking about.

 

OP: 6 is right around the American average I suspect, go ahead and close 3 if you wish it's not going to matter to your number of open tradelines.  Also 18 revolving tradelines would be considered excessive by the vast majority of lenders, the OP has the right idea: if you're not using many of those cards substantially, what's to say you'd use that new tradeline a lender might grant you?

 

A whole bunch of tradelines certainly establishes one as a statistical outlier, and that's not really a place anyone wants to be in the eyes of a lender... with the corner case exception of fractional top percent earners / spenders.

 

 


Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
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Established Contributor
Smug
Posts: 960
Registered: ‎12-21-2010

Re: Toy Limits

I closed all my toy cards. after I closed them I received a $5000 card immediately. I do think closing toy cards helps get you bigger limits.
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Valued Contributor
ryanbush
Posts: 1,292
Registered: ‎08-19-2012

Re: Toy Limits

what do you consider a Toy Limit?

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Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: Toy Limits

I would think anything under 1k is a toy limit.



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Valued Contributor
RockinRay
Posts: 1,933
Registered: ‎08-13-2007

Re: Toy Limits

I say anything under $5k is toy....    :smileyvery-happy:

Ray

** Every Card has a Job, and Every Card does its Job **

Valued Contributor
ryanbush
Posts: 1,292
Registered: ‎08-19-2012

Re: Toy Limits


RockinRay wrote:

I say anything under $5k is toy....    :smileyvery-happy:


BALLER

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Established Contributor
CruzImperial
Posts: 863
Registered: ‎07-04-2012

Re: Toy Limits

under 1k definitely and maybe even 2000.

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Established Contributor
Jlu
Posts: 533
Registered: ‎06-12-2012

Re: Toy Limits

Unless your scores are over 700, firmly in prime territory, you should not go closing out all your rebuilder cards (re: toy limit cards) because guess what? YOU"RE STILL REBUILDING. So keep them because they are helping you more than hurting you. You may feel that you deserve better or that you are 'above' these low limit cards, but much like hanging out with nerds, you will be better off with them until you can get better.

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Valued Contributor
RockinRay
Posts: 1,933
Registered: ‎08-13-2007

Re: Toy Limits


ryanbush wrote:

RockinRay wrote:

I say anything under $5k is toy....    :smileyvery-happy:


BALLER


LOL - had to say it!  :smileytongue:

Ray

** Every Card has a Job, and Every Card does its Job **


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